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Like for many industries, COVID hit the multitenant property industry hard. It struck during a time that is historically the most crucial to any property– leasing season. However, the multitenant property industry has always been resilient, and adjusting around the pandemic has caused it to look at security technologies in a new way to address new concerns, and provide new value.
Because of the pandemic, property managers had to change gears swiftly to assess costs, reallocate budget, and adopt new processes and technologies to keep residents, employees, and prospects safe. Inevitably, this led to the necessity of the wider use of things such as access control, video surveillance, gated entry, and more to ensure compliance with new health regulations as well as to increase tenant confidence and comfort. This dramatic shift in regulations and expectations combined with budget difficulties and disruptions led to accelerated adoption of using security technologies as a strategic and long-term tool that helps increase NOI.
Here are the top ways you can use security technologies to increase NOI in multitenant properties.
Reduce or Enhance Security Staff Capabilities
Security is an important feature of any property in making the property safe and attractive and preventing property damage. By using the right technologies, properties can reduce staffing expenses while enhancing security. Security makes the property more attractive to prospects, helps retain tenants longer, and helps prevent vandalism, all of which help increase NOI.
Use Access Control and Automation to Improve Response Times
According to Driven Data, swift response times give leasing agents the highest likelihood of converting prospects to a lease. Whereas prior to COVID prospects wanted and expected agent or manager-led showings, today prospects favor swift access to properties with less human contact. One way to improve response times to showings is by using access control and automation to do things such as grant temporary access, make the space accommodating, and highlight amenities.
Security Technologies can Help Improve Operations
Another outcome of the pandemic was the need to improve and streamline operations so that the fewest number of people can respond to the greatest number of issues in the shortest amount of time. Security technologies such as video surveillance and access control have proven exceptionally beneficial in detecting issues and improving operational insights.
Improve Disaster Mitigation
Did you know that most renters’ insurance policies do not cover water damage as it applies to Liability Coverage? That can leave property owners on the hook for a number of costs. The best way to respond to any disaster is swiftly. To combat this, technologies such as flood, smoke, and fire sensors allow for improved response times. Access control and video surveillance and intrusion detection prevent disasters such as break-ins, loitering, and vandalism which all increase operating costs.
Justification for Rent Increase
Adding security and smart technologies provides exceptional value to residents and provides ample justification for rate increases.
Smart Security Technologies Help Retain and Gain More Tenants
Tenants have increased confidence in properties that are well-equipped with smart locks, gated entries, and other security technologies. When tenants feel safe, they tend to stay longer. When you consider that most rental units stay vacant for an average of 1.5 months, fewer vacancies equals greater NOI.
Today, Security technologies are a powerful tool in increasing NOI by reducing expenses and attracting and retaining tenants. SSP offers best-in-class service and custom solutions to meet the unique needs of Property Management. Our solutions are scalable and can grow with you as necessary and never lock you into proprietary systems that are cumbersome and without the ability to expand. The SSP Service Excellence program is top in its class, delivering the industry’s most complete after installation support.